GLENVIEW, Ill. - Monday, March 21st 2011 [ME NewsWire]
(BUSINESS WIRE)-- Anixter International Inc., (NYSE: AXE), a leading global distributor of communication and security products, electrical and electronic wire and cable, fasteners and other small parts, announced that it has established a new business in Morocco called Anixter Morocco SARL. Working with Global Development Ventures Corp., Anixter will operate initially from Casablanca and will serve the communications and physical security markets, supply industrial and infrastructure projects, and provide products to original equipment manufacturers.
Commenting on this new venture, Anixter’s President and CEO Bob Eck said, “As we continually look to expand the markets we serve, we believe Morocco presents a great opportunity due to large investments in infrastructure, mining and manufacturing coupled with a strong economy and a business friendly environment.” Eck stated further, “We appreciate the support and insight provided by Global Development Ventures in launching this new business.”
Remy Deutschler, Anixter’s Country Manager for Morocco, stated, “In the rapidly growing Moroccan market, we believe our technical knowledge, broad product portfolio and supply chain management expertise will be helpful as our customers seek to reduce risks and cost in their projects and operations.”
About Anixter
Anixter International is a leading global distributor of communication and security products, electrical and electronic wire and cable, fasteners and other small parts. The company adds value to the distribution process by providing its customers access to 1) innovative inventory management programs; 2) more than 450,000 products and over $1 billion in inventory; 3) 228 warehouses with approximately 7 million square feet of space; and 4) locations in 263 cities in 50 countries. Founded in 1957 and headquartered near Chicago, Anixter trades on the New York Stock Exchange under the symbol AXE.
Safe Harbor Statement
The statements in this news release that use such words as “believe,” “expect,” “intend,” “anticipate,” “contemplate,” “estimate,” “plan,” “project,” “should,” “may,” ”will,” or similar expressions are forward-looking statements. They are subject to a number of factors that could cause the company’s actual results to differ materially from what is indicated here. These factors include general economic conditions, including the severity of current economic and financial market conditions, the level of customer demand particularly for capital projects in the markets we serve, changes in supplier sales strategies or financial viability, political, economic or currency risks related to foreign operations, inventory obsolescence, copper price fluctuations, customer viability, risks associated with accounts receivable, the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, potential impairment of goodwill and risks associated with integration of acquired companies. These uncertainties may cause our actual results to be materially different than those expressed in any forward looking statements. We do not undertake to update any forward looking statements. Please see the company’s Securities and Exchange Commission filings for more information.
Additional information about Anixter is available at anixter.com.
About Global Development Ventures, Corp. (GDV)
Global Development Ventures is a private equity consulting and investment firm with a primary focus on the renewable energy sectors of the Mediterranean Basin. GDV’s Consulting arm brings strategically aligned investors and companies together while its Investment arm provides creative capital, structured for each investment opportunity. GDV’s wealth of experience, industry expertise, deep operating skill sets, large global network of affiliated partners as well as its comfort in dealing with complexity in those markets, uniquely position Global Development Ventures as a vital resource from which management can draw strategic, financial and operational guidance.
Contacts
Anixter International Inc.
Vicki Lenz, 224.521.8530
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